Depreciation Excel Project Dexter Industries purchased packaging equipment on January 8 for $72,000. The equipment was expected to have a useful life of three years, or 18,000 operating hours, and a residual value of S4,500. The equipment was used for 7,600 hours during Year 1, 6,000 hours in Year 2, and 4,400 hours in Year 3 Instructions 1. Determine the amount of depreciation expense for the three years ending December 31, by (a) the straight-line method, (b) the units-of-activity method, and (c) the double-declining-balance method. Also determine the total depreciation expense for the three years by each method. The following columnar headings are suggested for recording the depreciation expense amounts: Depreciation Expense Year Straight-Line Units-of-Activity Double-Declining- Balance Method Method Method 2. What method yields the highest depreciation expense 3. What method yields the most depreciation over the 4. Journalize Straight-Line, Units-of-Activity, Double for Year 1? three-year life of the equipment? Declining (use excel template -Journal Entries)